Soybean futures were under pressure yesterday but have found their footing in the overnight and early morning trade as November options are set to expire at today’s close.
Corn
Technicals (December)
Corn futures marked their fifth consecutive lower close yesterday, the longest losing streak since the 8-day streak that started back in late July. With that said, yesterday’s lower trade was only slight and support from 472-476 was defended which may be helping prices stabilize in the early morning trade. All in all, the market is still rangebound and continues to present some good shorter-term opportunities for participants on both sides of the market.
Bias: Neutral
Resistance: 499-502 1/2****, 511 1/4**
Pivot: 489-491
Support:Â 472-476***, 460-464 1/2**
Seasonal Tendencies
Below is a look at historical seasonal averages (updated each Monday) VS today’s prices (black line).Â
*Past performance is not necessarily indicative of futures results.Â
Soybeans
Technicals (November)
November soybean futures attempted to rally in yesterday’s early morning trade but fizzled out shortly after the open and finished the day near the lower end of the day’s and week’s range. That reversal lower has been erased in the overnight and early morning trade as futures climb within a stone’s throw of the $13.00 market, which we’ve referenced multiple times this week as a potential magnet into today’s options expiration.
Bias: Neutral
Resistance: 1317-1324****, 1333 3/4**
Pivot: 1299 3/4-1303
Support: 1280-1285****, 1247-1257***, 1195-1200**
Seasonal Tendencies
Below is a look at historical seasonal averages VS this year’s price (black line) for November soybeans (updated each Monday).
*Past performance is not necessarily indicative of futures results.Â
Wheat
Technicals (December)
Wheat futures were able to catch a bid yesterday with some help from headlines out of the Black Sea. Rallies have been short lived for some time in the wheat market, so the lack of follow-through in the overnight and early morning trade shouldn’t come as much of a surprise. The hurdle the Bulls want to get out above to spark a bigger move higher comes in from 588-592. Support remains intact from 568 1/2-570.
Bias: Neutral/Bullish
Resistance: 601 3/4-604 1/2***, 612-616****
Pivot: 588-592
Support: 568 1/2-570***, 540-541 1/2**
Seasonal Tendencies
Below is a look at historical seasonal averages VS this year’s price (black line) for December wheat (updated each Monday).
*Past performance is not necessarily indicative of futures results.
